Taxation for Returning Canadians

Описание: Moderator: Keelan Chapman (CanChamHK)
Speaker: Desmond Chun (PwC) & Kevin Lee (Stephenson Harwood)

Individuals and companies have benefited from Hong Kong's low taxation rates. If you have ever considered returning back to Canada you may have wondered what the tax implications might be upon your return.

Here are some key takeaways from the session:
Having your assets valued, with supporting documentation, would be prudent before entering back into Canada to ensure that there is sufficient supporting documentation to compute the capital gains tax upon disposal of assets;
Understand the CRA's definition of dependents/primary ties vs. secondary ties regarding tax residency. A tax resident is the crux to assess Canadian tax implications relevant to your situation;
Once a Canadian tax resident, remember to keep track of all foreign assets that may reach over CAD$100,000 at any point in time during the calendar year as this will trigger additional filing requirements;
Always consult with a legal/tax advisor before immigrating from Hong Kong/China to Canada to mitigate any unnecessary tax exposure;
Generally, Canada Revenue Agency will view substance over form on many tax plans and the ultimate intention of the taxpayer

To find out more about CanChamHK visit www.cancham.org